Capital gains
This query is : Open
06 July 2016
Sir if I have short term capital gains by sale of shares as my income and I dont have any other income,then how will it be charged to tax? My 250000 limit cab be used to set off tha gain?? or how will that income be taxed taking into consideration basic exmp limit & rebate??? If I have adv tax n tds then what? please reply itz urgent.
Thank you
06 July 2016
1 Yes your 250000 basic exemption limit can be used to set off gain.
2 You can adjust advance tax and TDS against tax payable.
2 You can adjust advance tax and TDS against tax payable.
06 July 2016
Sir thank you..but isnt it loss of revenue for government as stcg would be taxed at 15% ? and if my income from stcg will be more than 250000 then at what rate will the income be charged 10% or 15%??
Message likes :
1 times
06 July 2016
Only basic exemption is allowed, beyond basic exemption it will be charged at 15%.
11 July 2016
Sir,
if I have other income of 2L n stcg of 2L... which income will be adjusted first against exmptn limit?? n if other theb will benefir of 50k from stcg be given?? and will I get benefit of rebate?
11 July 2016
If STCG is from listed securities then the other income of 2L will be adjusted first & 50k from STCG will be adjusted. 1.5L STCG will be taxable @ 15%.
12 July 2016
Rebate will be allowed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
